Kohinoor Mills incurs Rs190m loss as margins plummet
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MG News | September 16, 2024 at 03:37 PM GMT+05:00
September 16, 2024 (MLN): Kohinoor Mills Limited (PSX: KML) incurred a net loss of Rs189.72 million [LPS: Rs3.73] in the April-June quarter as its margins more than halved.
That compares to a profit of Rs625.98m [EPS: Rs12.3] earned in the same period last year (SPLY).
Going by the results, the company's revenue fell 10.7% to Rs7.14bn as compared to Rs7.99bn in SPLY.
Moreover, its cost of sales rose 3.4%, worsening the gross profit by 59.0% to Rs742.85m in Q4 FY24.
The gross margins plunged to 10.4% as compared to 22.6% in SPLY.
During the period under review, other income grew by 28.1% to stand at Rs122.65m in Q4 FY24 as compared to Rs95.73m in SPLY.
On the expense side, the company's administrative expenses fell 23.5% from a year ago to Rs172.63m, while selling and distribution expenses rose 6.3% to Rs370.99m.
The company’s finance cost declined by 10.0% to Rs399.15m as compared to Rs443.39m in SPLY, likely due to lower borrowing costs.
On the tax front, the company paid a lower tax worth Rs141.08m against the Rs174.76m paid in the corresponding period of last year, depicting a decrease of 19.3%.
This translates to an effective tax rate of 290.1% as compared to 21.8% in SPLY.
| Unconsolidated (un-audited) Financial Results for quarter ended June 30, 2024 (Rupees in '000) | |||
|---|---|---|---|
| Jun 24 | Jun 23 | % Change | |
| Sales | 7,138,031 | 7,994,611 | -10.71% |
| Cost of sales | (6,395,178) | (6,184,600) | 3.40% |
| Gross Profit/ (loss) | 742,854 | 1,810,012 | -58.96% |
| Administrative Expenses | (172,635) | (225,796) | -23.54% |
| Selling And Distribution Expenses | (370,986) | (349,000) | 6.30% |
| Other Income | 122,650 | 95,731 | 28.12% |
| Other Operating Expenses | 28,628 | (86,819) | -% |
| Finance Cost | (399,150) | (443,387) | -9.98% |
| Profit/ (loss) before taxation | (48,639) | 800,741 | - |
| Taxation | (141,083) | (174,761) | -19.27% |
| Net profit/ (loss) for the period | (189,722) | 625,979 | - |
| Basic earnings/ (loss) per share | (3.73) | 12.30 | - |
Amount in thousand except for EPS
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